How Jugaad and Innovation Are Reshaping India’s Business Future!
India is rapidly emerging as a global economic powerhouse, making it essential to understand its business values and models. In this context, IIM Ranchi organized a one-day symposium titled “Indian Business System 2025” on March 22, 2025, featuring industry experts. The event included key speakers such as Shri Nayan Parikh (CEO, Nayan Parikh & Consultancy), Prof. Ashish Pandey (IIT Bombay), and Prof. Kumar Alok (XLRI Jamshedpur), who discussed the role of innovation and ethics in Indian businesses.
Prof. Deepak Srivastava emphasized the importance of integrating theoretical knowledge with real-world business practices, highlighting Jugaad—India’s tradition of creative problem-solving—as a crucial factor in business success. Prof. Santosh Prusty stressed the need for a structured business education framework to strengthen India’s market approach.
Shri Nayan Parikh encouraged entrepreneurs to focus on building trust and social responsibility rather than merely chasing profits. Prof. Kumar Alok noted that 85% of startups fail because they prioritize profits over ethical values, whereas traditional Indian businesses thrive through ethical decision-making and trust. Prof. Ashish Pandey explained that business success is driven by management skills and execution rather than gender or experience and highlighted the importance of fulfilling moral commitments. The symposium concluded with a panel discussion on global markets, business strategies, and ethical entrepreneurship. The key takeaway was that Jugaad innovation, ethical business practices, and a purpose-driven approach are essential for long-term success in India’s evolving business landscape.
How Jugaad and Innovation Are Reshaping India’s Business Future!
India is rapidly emerging as a key player in the global economy, sparking discussions about the values and strategies that define its unique business identity. To explore these ideas, the Indian Institute of Management (IIM) Ranchi hosted a one-day conference titled “Indian Business System 2025” on March 22, 2025. The event brought together industry leaders, academics, and students to discuss how India’s traditional wisdom and creative problem-solving methods, such as Jugaad, can drive future success.
Highlights of the Symposium
The conference featured insights from prominent speakers, including Shri Nayan Parikh (CEO of a consultancy firm), Professor Ashish Pandey (IIT Bombay), and Associate Professor Kumar Alok (XLRI Jamshedpur). They shared perspectives on blending India’s cultural strengths with modern business practices.
Prof. Deepak Srivastava, Director of IIM Ranchi, inaugurated the event by emphasizing the importance of combining theoretical learning with real-world experience. He explained that India’s business ecosystem is built on three key foundations: knowledge, practical operations, and self-awareness. He highlighted India’s long-standing tradition of creative problem-solving, commonly known as Jugaad—a flexible, cost-effective approach to overcoming challenges. By integrating spirituality, ethics, and innovation, businesses can develop sustainable models that thrive across generations.
Prof. Santosh Prusty, the event’s coordinator, pointed out a significant issue: many Indian companies still replicate Western business strategies instead of crafting their own. He stressed the need for India to develop homegrown educational frameworks to train future entrepreneurs. According to him, success requires balancing innovation, expertise, hands-on experience, and financial planning.
Advice from Industry Leaders
Shri Nayan Parikh, a seasoned entrepreneur, advised young business owners to prioritize trust and personal relationships. He explained that building a respected brand is not just about profits—it demands honesty, quality work, and a commitment to societal well-being. He encouraged entrepreneurs to adopt a mindset of service rather than focusing solely on financial gains, as this fosters deeper satisfaction and long-term loyalty.
Prof. Kumar Alok explored the connection between India’s cultural values and business ethics. He noted that 85% of startups fail within three years because they prioritize short-term profits over principles. In contrast, traditional Indian businesses, such as family-run enterprises, have endured for decades by upholding values like ethics, trust, and community welfare. He urged modern startups to embrace these timeless principles for lasting success.
Prof. Ashish Pandey focused on the role of morality in business. He argued that success is not determined by gender, age, or experience but by leadership skills and execution. While many young entrepreneurs today start businesses to fulfill personal ambitions, Prof. Pandey believes that true success comes from serving society. He also stressed the importance of regular self-evaluation to ensure companies remain ethically and financially stable.
Key Takeaways
The symposium concluded with a lively discussion among students, faculty, and industry experts. Topics ranged from global market expansion to balancing profitability with social responsibility. Several key themes emerged:
- Jugaad Innovation – India’s ability to create frugal, adaptable solutions can drive growth in sectors such as technology, healthcare, and sustainability.
- Ethical Foundations – Businesses must prioritize fairness, transparency, and social impact to build trust and longevity.
- Purpose Over Profit – Aligning business objectives with community needs creates more meaningful value than simply pursuing financial gains.
Why This Matters for India
As India strives to become a $5 trillion economy, its businesses face both challenges and opportunities. The symposium underscored the importance of merging India’s cultural heritage—such as the spirit of Jugaad—with modern business practices. For example, startups can leverage low-cost technological solutions to address rural healthcare challenges or develop ethical supply chains to support artisan communities.
Educational institutions like IIM Ranchi are also evolving their curricula to include Indian case studies, ethical business training, and practical projects. This shift will equip students with a blend of global competitiveness and local relevance.
Final Thoughts
The Indian Business System 2025 conference was more than just a discussion—it was a call to action. By embracing innovation rooted in Indian values, businesses can develop inclusive, sustainable models that inspire the world. As Prof. Srivastava noted, the goal is not to reject global ideas but to create a system where tradition and progress coexist. For aspiring entrepreneurs, the message is clear: dream big, stay ethical, and let creativity guide your journey.